‘SEC okays new NSE entities to appoint CEOs’

The National Council of the Nigerian Stock Exchange has said the appointments of Chief Executives to head its non-operating Holding Company and operating subsidiaries have been approved by the Securities Exchange Commission (SEC).

Under the demutualization plan, a new non-operating holding company, the Nigerian Exchange Group plc (NGX Group) has been created.

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The Group will have three operating subsidiaries – Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory company; and NGX Real Estate Limited (NGX RELCO), the real estate company – forming the Group. All the entities have been duly registered at the Corporate Affairs Commission.

Commenting on the appointments, Chairman of Nigerian Exchange Group Plc (NGX Group) Board of Directors, Otunba Abimbola Ogunbanjo said: “The confirmation of these appointments is an important step in the process of building a leading and resilient African Exchange Group following the completion of our demutualization programme.

“I am delighted to continue working with Oscar N. Onyema, OON who has played a significant role in the reshaping of the Exchange. As a proven business leader and strategic thinker, I am confident that he will elevate the Nigerian Exchange Group (NGX Group) and its subsidiaries successfully into a new era of development.”